Question 7. On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. shoed up the following balances. Debit Credit • Retained Earnings Subscribed Ordinary Shares, 2 000 shares P1 550 000 100 000 • Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary • Subscriptions Receivable Share Premium-Treasury • Organization Expense 600 000 1 500 000 1 350 000 P 120 000 280 000 200 000 Share Premium-Preference 850 000 • Ordinary Shares, P50 par • Donated Capital Treasury Stock, 450 shares at 2 500 000 590 000 40 000 Cost Dimaculangan was authorized by its articles of incorporation to issue 500 000 shares of P50 par ordinary shares and 25 000 shares of P100 par cumulative nonparticipating preference shares. Note that the subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of financial position.

JQWDOJ The Asker · Accounting
Transcribed Image Text: 7. On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. shoed up the following balances. Debit Credit • Retained Earnings Subscribed Ordinary Shares, 2 000 shares P1 550 000 100 000 • Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary • Subscriptions Receivable Share Premium-Treasury • Organization Expense 600 000 1 500 000 1 350 000 P 120 000 280 000 200 000 Share Premium-Preference 850 000 • Ordinary Shares, P50 par • Donated Capital Treasury Stock, 450 shares at 2 500 000 590 000 40 000 Cost Dimaculangan was authorized by its articles of incorporation to issue 500 000 shares of P50 par ordinary shares and 25 000 shares of P100 par cumulative nonparticipating preference shares. Note that the subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of financial position.
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Transcribed Image Text: 7. On Dec. 31, 2018, selected accounts from the trial balance of Dimaculangan, Inc. shoed up the following balances. Debit Credit • Retained Earnings Subscribed Ordinary Shares, 2 000 shares P1 550 000 100 000 • Long-term Notes Payable 5% Preference Shares, P100 par Share Premium-Ordinary • Subscriptions Receivable Share Premium-Treasury • Organization Expense 600 000 1 500 000 1 350 000 P 120 000 280 000 200 000 Share Premium-Preference 850 000 • Ordinary Shares, P50 par • Donated Capital Treasury Stock, 450 shares at 2 500 000 590 000 40 000 Cost Dimaculangan was authorized by its articles of incorporation to issue 500 000 shares of P50 par ordinary shares and 25 000 shares of P100 par cumulative nonparticipating preference shares. Note that the subscriptions receivable are collectible next year. Required: Choose the appropriate shareholders' equity accounts from those listed above and prepare the shareholders' equity section of Dimaculangan, Inc.'s Dec. 31, 2018 statement of financial position.